Startup Open Finance Brick Acquires Local Remittance Company

Brick, together with its strategic partner in Indonesia (undisclosed), has acquired a majority stake in PT Eastern Transglobal Remittance, owner of a Category 3 Payment Service Provider (PJP) license for money transfer services from Bank Indonesia. Following this acquisition, Brick will launch three business payment products to support more efficient transactions and cash flow management.

Previously, in March 2023, its competitors, namely safe, also recently obtained a PJP 3 license from Bank Indonesia to improve its business payment products.

Brick Co-Founder & CEO Gavin Tan said that this acquisition was a strategic step for the company to provide more innovative business payment solutions. "We will utilize our advantages in technology and payment infrastructure to provide an easier, faster and more affordable transaction experience for business people in Indonesia through technology."

As Indonesia's economy grows rapidly, financial management often becomes a major burden for business owners looking to transform their operations. Challenges such as convoluted administrative processes and uncertain cash flows often hinder performance and limit room for innovation.

"We want to help those who are often burdened with complicated financial administration to focus more on developing their business and achieving their aspirations as an economic powerhouse in the future. To date, Brick has helped businesses in Indonesia process payments of around $200 million per year, and we hope to increase this number exponentially in the coming years," said Gavin.

The three products mentioned above that Brick will soon launch are:

• BrickPay; helps the process of sending money to many destinations at once with one click.
• BrickFlex; facility paylater A flexible platform, supported by licensed partners, that allows business owners to accelerate business growth without having to worry about cash flow instability.
• Brick Financial API; Application Programming Interfaces that enable technology-enabled businesses to seamlessly integrate BrickPay into their existing systems and business processes.

Innovation development at Brick not only focuses on integrating financial products in one ecosystem, but also ensures that the overall experience of managing finances is a relaxing experience with guaranteed services that are affordable, stable and have high security.

The acquisition of the PJP 3 license demonstrates Brick's continued commitment to compliance and commitment to working with regulators in launching innovative products. In 2022, PT Brick Teknologi Indonesia (also known as BOIVA) was successfully registered and supervised by the Financial Services Authority (OJK) in the Digital Financial Innovation (IKD) cluster to encourage financial inclusion.

Since its founding in 2020, Brick has received support from a number of investors in two investment rounds. Here are the details:

The Open Finance industry itself is still relatively new and growing in Indonesia. Of the few existing players, Finantier In fact, it is reported that it will immediately close its operations in the near future. Meanwhile Brick continues to deepen into payment solutions, and Brankas increases the scope of its expansion into regional areas.